Cohort-Based Residency Programme launches Antler India, Sets Aside about $15 Mn
- ByStartupStory | April 18, 2022
Antler India Residency, a cohort-based programme, has been launched by early-stage venture capital (VC) firm Antler’s India, for aspiring entrepreneurs.
About 60-70 individuals from business and engineering backgrounds would be brought together by the programme where aspiring entrepreneurs would find their cofounders, brainstorm, collaborate, and ideate with them in order to translate an idea into a startup.
To build long-term and enduring partnerships between builders and help aspiring entrepreneurs find a complementary cofounder, has been aimed by the programme, which will be split into two phases, a statement from the firm said.
On helping foster connections and create situations and challenges to aid the process will be solely focused on by the phase one of the programme, which will be of eight weeks. In this phase, founders will also spend time validating and developing their ideas.
While the Antler team, advisors and specialists would back them through coaching and access to resources, the phase two of the programme, which will be of four-six weeks, will see the successfully-formed teams build out their ideas.
The team’s post this, would be able to pitch to Antler and be eligible for an equity funding of about $270K for a 9% equity. New startups will be helped by the fund in order to make at least five-six iterations of an early product-market fit.
From April 18 to May 31, the applications to join the programme will be live. To finalise the names between June 1 and June 20 has been planned by Antler India and in the same month after the names are announced, the programme would kick off. As a stipend, INR 1 Lakh per month will be paid to the participants.
Out of each cohort, Antler expects 8-10 companies to be born. Through the calendar year 2023, Antler India plans to run four such cohorts and for the same has allocated about $15 Mn.
In late 2020, Antler entered the Indian market. During its launch, over the next three years it announced plans to deploy $100 Mn-$150 Mn in over 100 Indian startups.
At the earliest stages, the sector-agnostic fund invests in the range of $175K to $250K at 10% and within four weeks it commits capital. It has so far invested in sectors such as ecommerce, fintech, edtech, mobility, and web3.
Antler India has made investments in 17 Indian startups, including PeakPerformer, Flow Club, and Humit,
More than $11.8 Bn has been raised by the Indian startups across 506 funding deals in Q1 2022. In Q1 2022 funding grew almost by 186% as compared to the corresponding period last year.
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